{"F": {"ts_code": "000756.SZ", "name": "新华制药", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "原料药", "ind": "化学制药", "fin_source": "tushare", "market": "主板", "list_date": "19970806", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 13.18, "pe_ttm": 42.6568, "pb": 1.742, "dv_ttm": 1.1381, "total_mv": 918228.7212, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.2, 27.0, 27.2, 29.5, 24.1, 18.8], "rev_series": [60.1, 65.6, 75.0, 81.0, 84.7, 87.5], "np_series": [3.2, 3.5, 4.1, 5.0, 4.7, 2.9], "roe_series": [10.5, 10.4, 10.8, 11.4, 9.8, 5.7], "period": "20260630", "rev_ttm": 84.7, "np_ttm": 2.2, "ocf_ttm": 4.6, "fcf_ttm": 3.8, "fcf_yield": 4.2, "ocf_yield": 5.0, "gm_median": 27.0, "gm_std": 3.7, "gm_stab": 0.86, "gm_chg_2022": -3.1, "npm_median": 5.7, "roe_median": 10.4, "commodity": false, "hard_ratio": 43.7, "fix_assets": 39.7, "goodwill_ratio": 0.0, "pb_calc": 1.74, "capex_dep": 0.15, "interest_debt": 14.1, "debt_ebitda": 1.5, "debt_ratio": 39.3, "debt_mv": 15.4, "payout": 35.7, "div_years": 5, "rev_cagr3": 5.3, "np_cagr3": -11.0, "rev_yoy": -6.1, "np_yoy": -33.4, "np_vol": 21.5, "loss_years": 0, "far_share": 88.0, "earn_yield": 2.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 44.0], ["片剂、针剂、胶囊剂等制剂", 20.0], ["解热镇痛类等原料药", 12.0], ["解热镇痛类原料药", 12.0]], "ret_prev_year": -0.3, "ret_prev2_year": -22.3, "ret_ytd": -13.6, "ret_pivot": -3.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -7.2, "ret_60": 9.5, "ret_120": -13.3, "ret_250": -19.9, "mdd_250": -34.4, "vol_250": 37.3, "pos_52w": 73.2}, "S": {"duration": 66, "pricing": 49, "hard": 70, "bondness": 39}, "label": "中性", "tags": [], "text": {"像什么": ["PE 42.7 倍、股息率 1.1%、毛利率近 5 年中位 27.0%、固定资产占比 44%、有息负债/EBITDA 1.5 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 44%),没有定价权:毛利率近 5 年中位 27.0%,稳定度 86%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 4.2%(经营现金流/市值 5.0%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 27.0%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -3.1 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 44%,资本开支/折旧 0.15 倍。涨。"], ["估值里多少来自 5 年后的故事?", "按 PE 42.7 倍 粗算,约 88%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -20%,最大回撤 -34%,年化波动 37%,现价在 52 周高点的 73%;近 20 / 60 / 120 日 -7% / 10% / -13%。", "行业对照": ["同申万二级「化学制药」157 家中位:PE 37.5 / 股息率 1.2% / 毛利率 52.5% / 固定资产占比 30% / 分红率 38%。", "新华制药:PE 比行业中位高 5.2倍;股息率 比行业中位低 0.1个百分点;毛利率 比行业中位低 25.5个百分点;固定资产占比 比行业中位高 13.9个百分点。"]}}